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AI & IoT focused venture capital firm pi Ventures secures $3M from IFC

International Finance Corporation (IFC), the investing arm of the World Bank Group, will invest $3 million into pi Ventures, an AI and IoT-focused early stage venture fund. This is the firm’s second fund addition in this year; it had secured $13 million from a group of angel investors and HNIs. Note that the $13m fund is the first tranche of a total $30 million fund, which the company claims to close within a year. The venture firm was co-founded by Manish Singhal and Umakant Soni, and will look to in early stage start-ups that focus on solving problems in healthcare, logistics, retail, fin-tech and enterprise sectors using AI, Machines Learning, and IoT. The Bangalore-based VC firm said that it plans to invest in 18-20 start-ups over a 3-4 year time frame. As of now, pi Ventures has made four investments in the healthcare & energy…

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